Posted by james(CA) on September 24, 2007 at 09:16:31:
Hi,
Why the seller want out if it is cash flowing(behind on payments in debt?), what does he need (all cash at closing, or installments possibly)?
I guess when you talk to the seller, try to see if he will do a lease option(7 year term, option anytime after 5 yr perhaps) that will be the good thing for you to offer first imho. You might later on talk to a lawyer in put some clauses in the contract in case the seller possibly put new liens or not default his mortgage so lenders won’t come after you also.
I am also looking to l/o commercial pros like SS, MHP, multi etc.
I know people who do l/o on apts and mobile home park(s).
Self Storage Lease Option Question - Posted by Brady
Posted by Brady on September 23, 2007 at 22:46:24:
I am looking @ a self storage facility right now that generating a decent cash flow…there is also a laundromat that is doing ok…After looking @ many features, I am very confident that my partner and I can increase the cash flow by about 30-40% in 6 months…Seller is motivated and wants out…
My question is has anybody had any experience getting these types of deals under a lease option. I believe that would be an easier “in” and then I can up the gross $$ and have some cash to put down @ the end of the lease option…The seller is willing to finance so would he be willing to lease…
Any ideas would be a big help…I’m meeting him on Tues morn! Thanks !!!